According to new report available with Million Insights, The Major factors driving the growth of lithium ion battery market are the growing demand for energy-efficient, safe and low cost batteries, high energy density, self-discharge, various types available and no need for priming.

Global lithium ion battery market is segmented on the basis of type, technology, power capacity, application, and geography. Lithium-ion battery, better known as Li-ion battery (LIB), is a part of rechargeable battery group. It gives high storage capacity, long lifecycle, and better efficiency than the other batteries. In the battery, lithium ions do move from the negative electrode to the positive electrode during charging and discharging.

In household electronics products, lithium-ion batteries are used and looked upon as the most popular parts of rechargeable batteries for tiny memory effect, high energy density, portable electronics, and low self discharge. Lithium-ion batteries’ usage is increasing in different applications such as military, consumer electronics products, battery electric vehicle, aerospace, household electricity, and automotive applications such as EVs & HEVs and energy storage systems in power plants for their specific purposes.

Lithium-ion batteries have been gaining importance as a rechargeable power source; as they are environment-friendly as compared to conventional batteries such as nickel-cadmium, lead-acid, and nickel metal hydride batteries. Growing use in consumer electronics such as tablets, smartphone, and in healthcare tools like respirators and surgical devices has been raising the lithium-ion battery market in the past couple of years.

Based on type, the lithium ion market is segmented into lithium nickel manganese cobalt (LI-NMC), lithium cobalt oxide (LCO), lithium iron phosphate (LFP), lithium manganese oxide (LMO), lithium titanate oxide (LTO), lithium nickel cobalt aluminium Oxide (NCA) and so on. Based on technology, the lithium-ion market is segmented into cathodes, separators, anodes, electrolytes, foils, binders and so on. Based on power capacity, the lithium-ion market is segmented into 0 to 3000mAh, 3000mAh to 10000mAh, 10000mAh to 60000mAh and more than 60000mAh.

Another segment “industrial” is segmented into mining equipment, cranes & forklift, smart grid and renewable energy storage. Based on geography, the lithium-ion market is segmented into Europe, Middle East & Africa, North America, Asia Pacific, and Latin America. Asia Pacific is the leading region and expected to rule the roost in the lithium-ion battery market in the upcoming years. This could be attributed to the growing demand for electronic devices, stringent government regulations to control pollution level, focus of reducing greenhouse gas (GHG) emissions, and presence of manufacturers who provide lithium-ion battery at lower prices are expected to drive the lithium-ion battery market over the forecast period.

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